Federal Taxes
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The advantages of a living trust for your estate plan
Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98…
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Still have tax questions? You’re not alone
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions…
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The “wash sale” rule: Don’t let losses circle the drain
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage…
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Small business alert: Watch out for the 100% penalty
Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from…
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Are you a tax-favored real estate professional?
For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct…
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Deduct a loss from making a personal loan to a relative or friend
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may…
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